(Dry bulk shipping item updated with further commentary on the dry-bulk sector and to reflect closing shipping stock prices)NEW YORK ( TheStreet) -- Shares of Baltic Trading ( BALT), the latest seafaring venture formed by Peter Georgiopolous -- founder of both Genco Shipping & Trading ( GNK) and General Maritime ( GMR) -- priced at the low end of its projected initial-public offering range, and promptly fell below even that disappointing mark when trading began in the name on Wednesday. Baltic's shares closed their debut session on the New York Stock Exchange at $13.96 after pricing at $14. Underwriters, led by bankers at Morgan Stanley ( MS) and Dahlman Rose, had projected a range of $14 to $16 a share. The company sold, as expected, 16.3 million shares and raised $228.2 million. There was no word on overallotment. Analysts noted that Baltic priced almost exactly at its net asset value -- or, rather, its soon-to-be NAV. The company doesn't have any floating assets yet; it will take delivery of five newly built vessels in April and one in October, using proceeds from the IPO to pay for the ships. Other dry bulk companies are trading at more than double NAV: Shares of Baltic's parent, Genco, are trading at 177%, one analyst said, while Excel Maritime ( EXM) shares are at 163%. Baltic's business model is to attach all of its vessels to the spot-market, as opposed to fixing its fleet into the long-term charters that merchant shipping companies typically prefer when business isn't so hot, because those contracts guarantee stable cash flow.